Amundi, Europe’s largest asset manager, has introduced its first tokenized share class for a euro-denominated money market fund, marking a significant step toward blockchain adoption in traditional finance.
The fund is now offered in a hybrid structure, allowing investors to choose between the conventional version and the new blockchain-based option. The first transaction on the Ethereum network was recorded on November 4, 2025.
Collaboration With CACEIS
The rollout was developed in partnership with CACEIS, a European asset-servicing group, which provided the tokenization infrastructure, investor wallets, and a digital order system to process subscriptions and redemptions.
According to Amundi, tokenizing the fund helps streamline order processing, expand access to new investor channels, and enables 24/7 trading. The fund primarily holds short-term, high-quality euro-denominated debt, including money market instruments and overnight repurchase agreements with European sovereigns.
Amundi, headquartered in Paris, France, manages approximately €2.3 trillion ($2.6 trillion) in assets and serves over 100 million retail clients.
Tokenized Funds Gain Momentum in Europe and U.S.
The launch comes as tokenized money market funds investing in U.S. Treasurys have grown rapidly in 2025. Data from RWA.xyz shows BlackRock’s on-chain money market product currently holds $2.3 billion in tokenized assets, while Franklin Templeton’s fund exceeds $826 million.
Both firms have expanded their tokenized offerings across multiple blockchains. On November 12, Franklin Templeton announced that its tokenization platform joined the Canton Network, a permissioned ecosystem designed for financial institutions. BlackRock has added support for Aptos, Arbitrum, Avalanche, Optimism, and Polygon, in addition to Ethereum.
Regulatory and Market Considerations
A Bank for International Settlements (BIS) bulletin noted that tokenized money market funds reached $9 billion in value by the end of October 2025, up from $770 million at the end of 2023.
The report also cautioned that using tokenized Treasury portfolios as collateral could introduce new operational and liquidity risks to the financial system, highlighting the need for careful oversight as adoption grows.